World sugar and vegetable oil market September 27, Malaysian palm oil prices reversed and increased again

Published Sep 27, 2023

Tridge summary

Palm oil prices on the Bursa Malaysia exchange increased by 0.51% to 3,711 ringgit per ton at the beginning of the trading session, influenced by higher exports from Malaysia in September. However, soybean oil prices on the Chicago stock exchange fell 0.21%. Meanwhile, sugar prices on the ICE and London exchanges decreased due to concerns about falling output in India and Thailand, despite increased production in Brazil's South Central region. China is planning to sell sugar reserves to stabilize domestic prices.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Vegetable oil Palm oil contract for delivery in December 2023 on the Bursa Malaysia exchange at the beginning of this morning's trading session increased by 19 ringgit, equivalent to 0.51% to 3,711 ringgit (788.9 USD)/ton. At lunch break, this contract was at 3,731 ringgit (793.15 USD)/ton. According to commodity surveyor Intertek Testing Services, Malaysia's exports of palm oil products in the first 25 days of September 2023 increased 17.5% to 1,144,707 tons from 974,235 tons exported in the same period in August. Independent inspection firm AmSpec Agri Malaysia estimates exports during this period increased 15.2% to 1.09 million tons from 945,155 tons exported in the same period in August. EU palm oil imports in 2023/24 as of September 24 reached 821,115 tons, down from 902,142 tons imported in the same period last year. On the Chicago stock exchange, soybean oil prices decreased 0.21%. On the Dalian exchange, soybean oil prices increased 0.35% and palm oil prices increased ...

Source: Vinanet